My Marketing Strategy
Nicolette Lemmon, President & Founder
From Credit Union Journal, September 8, here are some stats to consider:
“Monthly data complied by CUNA from almost 500 credit unions showed total credit union loans declined by 0.1% during July, and have declined by almost 1% for the first seven months of the year… NCUA said share growth slowed from 11% annualized for the first quarter to just 0.6% in the second quarter.”
In marketing, there has always been a love/hate relationship with “the numbers!” Most professionals drawn to marketing are creative, interested in finding new ways to attract buyers to their products and services. Yet, the senior management team is always interested in “the numbers.”
For creative types, math wasn’t always a favorite subject. However, being in the business for “twenty-forever” years, I was forced to prove the impact of marketing on “the numbers” early in my career or not get that next marketing project.
This had led to everyone in my firm having a true appreciation for “the numbers” and the way our marketing solutions drive results for clients.
So, when we see the declining loan portfolios and slowed deposit growth, what do these “numbers” say to our marketing team?
- First, marketing solutions have to work harder to uncover the opportunities to find willing and credit-worthy borrowers to generate income for our clients
- Second, we need to keep tracking everything to see what might be working better.
- Third, our clients have got to be in front of their members in a layered approach to remind them constantly of the value of the brand and their relationship with the credit union.
- Finally, every marketing dollar must work harder because there are fewer available. As an outsource solution, we work on behalf of our clients to bid out most print jobs to three vendors to get the best price. We try to reformat the same material as often as possible across the different platforms of website, newsletter, direct mail, branch retailing and e-marketing.
What are you reading in the numbers?